Mortgages in EU Finland Banking seminare

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Mortgages in EU & Finland Banking seminare

Mortgage from a Finnish POV What is it? (Finnish standards) Requirements A loan for buying, renovating and building a home. • Usually for 20 -25 years • Steady income – Below average length within EU • Instalment is tax dedactable!!! – Home can be sold for untaxed profit in 2 years – Current, previous, future • Good credit information • Deposit usually the house • Not mandatory to have savings • Government guarantee possible for first home buyers

Interest & Marginal You can tied down your interest to 2 interest ratings: • Euribor % – 1, 3, 6 or 12 month updates • Prime-interest % – The banks own marginal – Updated a few times a year, often claimed to be slow to change. • + Bank’s marginal, 0, 935 % in average – Expected to rise to 1, 5% next year

Euribor % from 1999 2013 Euribor % and Prime % comparison 2007 – 2010

Example cost of Money How much would money cost in Finland in reality? Example: January 2012, 85000 e for 180 months, costs calculated from averages of Banks of Helsinki. - Bank marginal 0, 887% Cost of the money - Euribor of 3 months 1. 343% would be: 19 764, 6 e - Total of the marginal 2, 487% - Other expenses 445 e TOTAL 104 764 , 60 e

New morgages taken in Finland 2009 - 2013

Loans available in Finland • Annuity Loan A time for a loan is calculated and the sum is divided for this period. Each instalment is equal. If the interest rate changes, a new instalment sum is calculated for the same time period. • Fixed Annuity All instalment payments are the same amount but if the interest rate (%) risess the customer may be paying only the % • Equal Installment Customer pays every instalment a sertain amount of the debt and a sertain procentage of interest (%). As more of the debt is paid, the instalment payments get smaller.

Hi If you can find somewhere the statistic of the amounts of Morgage EU countries have and the chart you showed me, it would be a really interesting adding to the information above

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